Attempts by carry traders to redeem some P&L after a month of agony crashed and burned promptly, accelerating into the close as the Yen funding unwind killed not just the carry pairs but broader equities. Of particular note is the hurt experienced by AUD longs funded with either USD or JPY.

It is officially time for Goldman to enter the stop losses on its various carry trades. The pain for the (leveraged) BRLJPY trade has now become unbearable.

The market took out the Friday's ES VWAP close and robotic selling panic set in.